Reuters: Bankruptcy News: Lehman creditors end demand for Geithner testimony

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Lehman creditors end demand for Geithner testimony Jun 18th 2012, 20:57 Mon Jun 18, 2012 4:57pm EDT * Lawsuits sought details on phone calls to Fuld, Dimon * Creditors drop case after Geithner answers questions June 18 (Reuters) - Lehman Brothers Holdings Inc creditors have ended litigation to force U.S. Treasury Secretary Timothy Geithner to testify over an $8.6 billion dispute with JPMorgan Chase & Co. U.S. District Judge Reggie Walton in Washington, D.C. closed the case on Monday, after the creditors said Geithner had on April 30 provided written answers to their questions. The creditors said they have no additional questions for Geithner and agreed to voluntarily drop the case, court filings show. They had sought in February to compel Geithner's testimony under subpoena. Geithner had been president of the Federal Reserve Bank of New York when Lehman filed for bankruptcy on Sept. 15, 2008. Lehman had in a 2010 lawsuit accused JPMorgan, once its main clearing bank, of hastening its collapse by taking advantage of its "unparalleled access" to its finances to siphon $8.6 billion of collateral just prior to its Chapter 11 filing. The creditors had sought details on dozens of phone calls that Geithner made to then-Lehman Chief Executive Richard Fuld and JPMorgan Chief Executive Jamie Dimon in the days leading up to the bankruptcy. While the lawsuit is still pending, JPMorgan in February 2012 agreed to drop a $699.2 million bankruptcy claim. The case is Official Committee of Unsecured Creditors of Lehman Brothers Holdings Inc v. Geithner, U.S. District Court, District of Columbia, No. 12-mc-00098. The main bankruptcy case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555. Link this Share this Digg this Email Reprints

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